BlackRock brings expertise as an investment advisor
BlackRock and the Funds’ Boards act in accordance with their fiduciary obligations.
Our Funds’ Boards are experienced stewards who have demonstrated their ability to deliver sustainable long-term value.
By fighting for products we believe in, BlackRock is supporting a vibrant marketplace of well-managed options for long-term financial planning.
Proposals
The Funds’ current Board and Board Nominees, as well as the Funds’ management teams, have track records that demonstrate they operate in the best interest of shareholders. Saba proposals could have the harmful implications to your long-term, stable income.
Director nominations
Board Nominees
- The Board Nominees have collectively extensive experience with registered CEFs generally, with CEFs with strategies similar to those of each Fund, and specifically with each Fund, its investment objective(s) and strategies, and service providers.
- Each independent Board Nominee satisfied the standards contemplated by each Fund’s Statement of Policy that describes the experiences, qualifications, skills and attributes that are necessary and desirable for potential independent Board member candidates.
- Each independent Board Nominee serves the interests of all shareholders equally.
Saba's proposal to elect its handpicked nominees and its implications
- Saba’s nominees have little to no experience with CEFs.
- Saba’s nominees have no experience with respect to any of the BlackRock Funds, their investment objective(s) and strategies, or established relationships with service providers.
- Saba’s nominees have been handpicked and nominated by Saba and may seek to advance the short-term goals reflected in its proposals, which would serve the interests of Saba over the interests of the Fund or other shareholders.
- The majority of Saba’s nominees have prior relationships with the hedge fund.
Terminate the investment management agreement
- This applies to the following Funds: BCAT, BFZ, BIGZ, BMEZ, BSTZ, ECAT.
- Your Fund’s existing Board Members, as fiduciaries to the Fund, review the Investment Management Agreement annually and are well-positioned to evaluate BlackRock.
- BlackRock is the world’s largest asset manager1 and the largest manager of CEFs2, with more than 35 years of advisory experience.
- BlackRock believes that the Funds' investment strategies strongly benefit from an investment adviser with the sophistication and extensive expertise of BlackRock.
- BlackRock’s scale and deep relationships have historically given it enhanced access to private investments and high-demand initial public offerings.
- BlackRock also leverages the Aladdin® Risk Management Platform and has significant risk management expertise.
Saba's proposal and its implications
- Could result in the firing of BlackRock as each Fund’s investment adviser. Depriving each Fund of BlackRock’s experience and expertise may plunge each Fund into uncertainty about its investment adviser and its future, harming the Funds and their shareholders.
- While Saba pretends it is acting in the best interest of shareholders, it has a track record of taking self-serving actions to make a quick profit.
We're here to help
For more information on your investment, email cef@blackrock.com. If you have any questions about the proposals to be voted, please contact Georgeson LLC (“Georgeson”), toll free at 1-866-920-4784.
